Business Essentials

Without strong fundamental elements like structure and plan, a business will never move from concept to successful real-world organization.
Business essentials include all of the elements that contribute to the success or failure of a business. Learn about business plans, models, and the fundamentals that are key to success.
Surveillance Camera in a Retail Store with Blurred-Out People Shopping in Background
Organized Retail Crime (ORC): How It Works, Consequences, and How to Combat It
Male mechanics greasing a metal machine part in the workshop and fixing a mechanism for transmitting torque
How Black Inventors Contributed to Industrialization
Shipping containers
Retention of Title (ROT): Meaning, Components, In Other Countries
Masked restaurant worker and customer picking up food curbside during the COVID-19 pandemic.
The Economic Impact of a Hybrid Office
 Man using a laptop while working in a factory
The Impact of Working a 4-Day Week
Young woman works on a laptop in her upscale home late into the evening.
Hybrid Office: What It Means, How It Works, Faqs
Early factory workers in America.
International Workers' Day (Labor Day): Meaning, History
Downtown Austin fireworks
Why Silicon Valley Companies Are Moving to Texas
Photograph of soldiers with guns on train during 1894 Pullman Strike
The 10 Biggest Strikes in U.S. History
Absolute vs. Comparative Advantage: What’s the Difference?
Agency Theory
What Is Agency Theory?
Woman in discussion with a financial advisor in an office
Commission: Definition and Examples, Vs. Fees
Economies of Scale
Economies of Scale: What Are They and How Are They Used?
Expense
Expense: Definition, Types, and How Expenses Are Recorded
Greenfield Investment
Greenfield Investment Definition
What Are Interest Rates?
Interest Rates: Different Types and What They Mean to Borrowers
Intermediate Good: A product used to produce a final good or finished product.
Intermediate Good: Definition and Examples
Liability Definition
Liability: Definition, Types, Example, and Assets vs. Liabilities
Limited Liability: A legal structure that limits the extent of an economic loss to assets invested in an organization.
Limited Liability Definition: How It Works in Corporations and Businesses
Perfect Competition
Perfect Competition: Examples and How It Works
Transaction
Transaction: Definition, Accounting, and Examples
A picture taken during an organised tour by Yemen's Huthi rebels on November 22, 2023 shows the Galaxy Leader cargo ship, seized by Huthi fighters two days earlier, at a port on the Red Sea in Yemen's province of Hodeida.
CIF vs. FOB: What's the Difference?
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The Difference Between Revenue and Cost in Gross Margin
Affiliate: Definition in Corporate, Securities, and Markets
Brick-and-Mortar: Serving customers face-to-face in a building rather than online.
Brick-and-Mortar Stores: Types, Advantages, and Disadvantages
Code of Ethics
Code of Ethics: Understanding Its Types and Uses
Young business colleagues in a boardroom talking and smiling
Core Competencies in Business: Finding a Competitive Advantage
Corporate Culture
Corporate Culture Definition, Characteristics, and Importance
close up focus on call center headset device headset VOIP system with telephone answer machine technology at operation office desk for hotline telemarketing and network operator concept
What Is Customer Service, and What Makes It Excellent?
Ex Works
Ex Works (EXW): Definition, Pros and Cons, Plus More Incoterms
Feasibility Study
Feasibility Study
4 Ps of Marketing
4 Ps of Marketing: What They Are & How to Use Them Successfully
Internal Control: The mechanisms, rules, and procedures implemented by a company to ensure the integrity of financial and accounting information, promote accountability, and prevent fraud.
Internal Controls: Definition, Types, and Importance
Interpersonal Skills
How to Use Interpersonal Skills to Get and Keep a Job
Lead Time
Lead Time: Definition, How It Works, and Example
Management by Objectives
Management by Objectives (MBO): Learn Its 5 Steps, Pros and Cons
Manufacturer's Suggested Retail Price (MSRP)
Manufacturer's Suggested Retail Price (MSRP): Definition and How Is Determined
Market Share
Market Share: What It Is and the Formula for Calculating It
Non-Disclosure Agreement (NDA)
Non-Disclosure Agreement (NDA) Explained, With Pros and Cons
Opportunity Cost Definition
Opportunity Cost: Definition, Formula, and Examples
Outsourcing
Outsourcing: How It Works in Business, With Examples
Payment-in-Kind (PIK): Using a good or service as payment instead of cash.
Payment-in-Kind (PIK): What It Is, How It Works, Pros and Cons
Price Discrimination
What Is Price Discrimination, and How Does It Work?
Quasi Contract
Quasi Contract
Research and Development
What Is Research and Development (R&D)?
Request for Proposal
RFP: What a Request for Proposal Is, Requirements, and a Sample
Social Responsibility in Business
Social Responsibility in Business: Meaning, Types, Examples, and Criticism
Process
Standardization
Total Quality Management
What Is Total Quality Management (TQM), and Why Is It Important?
The economic enhancement of a company gives its products or services before offering them to customers.
Value-Added Product: What It Means in Industry and Marketing
Value Chain
Value Chain: Definition, Model, Analysis, and Example
Value Proposition
Value Proposition: How to Write It With Examples
Large cranes unloading a container ship at a port.
How Can I Obtain a Telex Release for a Bill of Lading?
Equity finance
Should a Company Issue Debt or Equity?
Man in trading room evaluating trends of an asset on a big screen
Present Value (PV) vs. Net Present Value (NPV): What’s the Difference?
Business people shaking hands in the office.
How Do Modern Corporations Deal With Agency Problems?
Businessman Giving a Presentation to His Team
Brownfield Investment: Definition, Advantages, Vs. Greenfield
Credit Enhancement: Definition, Benefits, Techniques
Incoterms
Incoterms: Definition, Examples, Rules, Pros & Cons
Operating Lease
Operating Lease: How It Works and Differs From a Finance Lease